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[Alpha Biz=(Chicago) Reporter Kim Jisun] SBS decided to exchange shares to incorporate its subsidiary, KOSDAQ-listed SBS Content Hub, into a full subsidiary.
The stock exchange will further issue new shares of SBS, which will dilute some of the value of the shares. However, experts predict that the stock price undervaluation will be resolved as mid- to long-term growth is expected through mergers between subsidiaries.
According to the Financial Supervisory Service's electronic disclosure system on the 28th, SBS announced on the 24th that it decided to exchange shares with its subsidiary SBS Contents Hub.
SBS plans to pay SBS shares to SBS Content Hub shareholders and receive SBS Content Hub shares to make their shares 100% and delist them. Currently, SBS owns 64.96% (13,943,122 shares) of SBS Content Hub.
The total number of shares issued by SBS Content Hub is 21,463,555 shares. Among them, 5,427,433 shares are owned by ordinary shareholders, except for 2,093,000 shares owned by SBS and those planned to be incinerated.
SBS decided to pay them SBS shares at a ratio of 1 to 0.21088220. Of the 1,144,549 shares to be paid, 562,514 will be paid using SBS's own shares, while the remaining 582,035 will be issued new shares.
With the issuance of new shares, the value per share of SBS is partially diluted. Based on SBS's market capitalization of KRW 491.9 billion on the 24th, which announced the stock exchange, the stake is expected to be diluted by about 3.1%.
The stock exchange date is December 4, and the initial public offering date is December 18. The base date for confirming shareholders of SBS Content Hub to receive SBS shares is September 8th.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
